31 Mar 2023
Assets91.55
Total Income275.09
EBITDA14.17
Profit After Tax4.18
NET Worth25.99
Reserves and Surplus23.74
Total Borrowing45.59
At a glance
Updated 2026-09-09The shares listed at ₹190.00, a 2.15% move from the issue price. Bai Kakaji Polymers is a SME IPO with an issue size of ₹105.17 crore, proposed for listing on BSE SME. The offer opens on 23rd Dec 2025 and closes on 26th Dec 2025. The issue structure includes a fresh issue of ₹99.90 crore. The current listing schedule points to 31st Dec 2025.
Issue details
Listing atBSE SME
Issue typeBook Build Issue
Issue size₹105.17 Cr
Fresh issue₹99.90 Cr
Face value₹10
Price band₹177.00–₹186.00
Allotment29th Dec 2025
Listing31st Dec 2025
Listing performance
Full performance ↗Issue price₹186.00
Listing price₹190.00
Current price—
Listing gain2.15%
Current return—
Price progressionIssue → Listing → Current
Grey market
GMP page ↗Latest GMP₹3.00
GMP / upper price1.61%
Est. listing₹189.00
GMP is unofficial sentiment data, not an exchange price.
Timeline
Opens23rd Dec 2025
Closes26th Dec 2025
Allotment29th Dec 2025
Refund30th Dec 2025
Demat30th Dec 2025
Listing31st Dec 2025
Subscription demand
Full bidding ↗QIB7.88×
sHNI4.98×
bHNI6.42×
NII / HNI6.42×
Retail3.56×
Total5.71×
Lot size
| Investor | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Max) | 2 | 1200 | ₹223,200 |
| S-HNI (Min) | 3 | 1800 | ₹334,800 |
| S-HNI (Max) | 8 | 4800 | ₹892,800 |
| B-HNI (Min) | 9 | 5400 | ₹1,004,400 |
Company
Use of proceeds
| Object | Amount |
|---|---|
| Repayment and/or pre-payment, in full or part, of borrowing availed by Company | ₹64.00 Cr |
| Funding capital expenditure for the installation of additional plant & machinery | ₹9.85 Cr |
| Funding capital expenditure for setting up a solar power project | ₹12.94 Cr |
| General Corporate Purposes | ₹6.78 Cr |
| Issue Expenses | ₹11.60 Cr |
| Total | ₹105.17 Cr |
Financial performance
Year-wise operating scale, profitability and balance-sheet context.Revenue168.56₹ Cr · -49.2% vs prior year
EBITDA24.35₹ Cr · -27.3% vs prior year
PAT12.81₹ Cr · -30.3% vs prior year
Assets195.45₹ Cr · -4.0% vs prior year
Net Worth66.55₹ Cr · +23.8% vs prior year
Borrowing107.25₹ Cr · -1.8% vs prior year
3-year financial trendRevenue / EBITDA / PAT
₹ crore31 Mar 2024
Assets98.00
Total Income296.42
EBITDA20.75
Profit After Tax9.38
NET Worth35.37
Reserves and Surplus33.12
Total Borrowing40.71
31 Mar 2025
Assets203.69
Total Income332.12
EBITDA33.51
Profit After Tax18.37
NET Worth53.74
Reserves and Surplus51.49
Total Borrowing109.27
30 Sep 2025
Assets195.45
Total Income168.56
EBITDA24.35
Profit After Tax12.81
NET Worth66.55
Reserves and Surplus50.80
Total Borrowing107.25
KPIs
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 41.23% |
| ROCE | 25.71% |
| Debt / Equity | 2.03% |
| RoNW | 34.18% |
| PAT Margin | 5.64% |
| EBITDA Margin | 10.28% |
| Price to Book Value | 5.45 |
Valuation & shareholding
Pre-IPO EPS11.66
Post-IPO EPS11.97
Pre-IPO P/E15.95
Post-IPO P/E15.54
Promoter holding pre100%
Promoter holding post73.55%
Market cap₹398.12 Cr.
Peer comparison
| Company | EPS | P/E | RoNW | NAV |
|---|---|---|---|---|
| Bai Kakaji Polymers IPO | — | 22.51 x | — | — |
| Phychem Technologies IPO | — | 19.42 x | — | — |
| Atharva Poly-Plast IPO | — | 17.83 x | — | — |
| Diksha Polymers IPO | — | 14.14 x | — | — |
Issue expenses
| Expense | Amount |
|---|---|
| Repayment and/or pre-payment, in full or part, of borrowing availed by Company | ₹64.00 Cr |
| Funding capital expenditure for the installation of additional plant & machinery | ₹9.85 Cr |
| Funding capital expenditure for setting up a solar power project | ₹12.94 Cr |
| General Corporate Purposes | ₹6.78 Cr |
| Issue Expenses | ₹11.60 Cr |
| Total | ₹105.17 Cr |
Registrar & lead managers
Registrar
Maashitla Securities Pvt.Ltd.Lead managers
- Hem Securities Ltd.
Offer documents
Data is reconciled from multiple public IPO sources. Official exchange filings and offer documents remain the source of truth. Last verified 2026-09-09.
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